After two consecutive days of stability, the price of petrol fell on Thursday. Oil marketing companies have cut the price of petrol by 5 paise per liter in Delhi, Mumbai and Chennai, while in Kolkata, 6 paisa per liter.
According to the website of Indian Oil, the price of petrol in Delhi, Kolkata, Mumbai and Chennai has come down to Rs 74.95, Rs 77.61, Rs 80.60 and Rs 77.92 per liter respectively. However, the price of diesel remains stable. The price of diesel in the four metros remains the same at Rs 66.04, Rs 68.45, Rs 69.27 and Rs 69.81 per liter respectively.
Crude Oil Prices Rise
Meanwhile, in the international market, there was a strong trend in the price of crude oil on Thursday. The February contract of Brent crude, the benchmark crude oil on the Intercontinental Exchange, was trading at $ 63.98 per barrel, up 0.41 percent from the previous session. At the same time, the American light crude on the New York Mercantile Exchange was trading 0.19 percent higher at $ 58.96 a barrel in the West Texas Intermediate January delivery contract.
Prices may Rise Further
In fact, the member countries of OPEC, the platform of oil producers, have decided to cut crude oil production. After this, the prices of petrol and diesel are expected to increase. Explain that there is an agreement between the member countries of OPEC and their other friendly producing countries like Russia to reduce the daily production of crude oil by an additional 5 lakh barrels. This agreement will be applicable from the New Year i.e. January 1.
Let us tell you that India is the third largest oil importer in the world. At the same time, OPEC imports 80 percent of its oil from countries. This is the reason why the prices of petrol and diesel in India are decided on the basis of crude oil prices.
